All Blog Entries by Ron Neal

Vancouver Island Real Estate Board (VIREB) wide inventory remained at historic lows in August with the number of available condos a whopping 61% lower compared to August last year. Single family and townhomes were also down at 50% previous years levels.

Sales, unsurprisingly, dropped accordingly with 891 total sales and an 18%decrease compared to last year. Breaking it down by property type, there were 460 single family home sales in August which was a 2% increase from July but down 15% from August 2020. 101 condos sold in August, 1 unit less than the previous year and 23 less than the previous month. Lastly, 91 townhomes sold in August, 13 units less than August last year and 8 less than July.

VIREB wide, Benchmark Prices according to the Home

Inventory continues to decline in the Victoria Real Estate market amidst decreasing sales volumes and increasing prices. The slow downward momentum from July seems to have continued into August 2021 as we saw 831 total transactions in the latter month representing a half a percent decrease. Compared to August 2020, the decrease in sales was more noticeable at 15.1% below the same month in the previous year.

By property type, single family home sales were down (9.8% from July and 29.9% from last year) and condos were up (21.5% from July and 31.7% from last year). Condo sales are benefiting from a higher inventory than other property types and the segment is picking up buyers who are being priced out of the limited number of single family homes

BC Home Sales Returning to Normal While Supply Hits Record Low

Vancouver, BC – September 14, 2021.  The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.
"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as

Updated 5 bed 5 bath main level walkout includes 1 bed legal suite

Beautifully updated and landscaped like new 5 bed 5 bath main level walkout, includes 1 bed legal suite on a no through road.

Welcoming Rock Wall garden terrace as you enter this large foyer leading to the spacious great room design, perfect for entertaining family and friends.

Kitchen with large working Island and gas cooking.

Access to the spacious deck with a gas outlet and mountain views.

Principal Bedroom soaker tub and walk-in shower.

2nd bedroom with the main bath and laundry close by, 3rd bedroom across from 2 piece bath, make it an office and work from home!

Lower level has a private guest suite and family room PLUS 1 bed legal suite with laundry and

Award-Winning Waterfront Shoal Point 2 Bed 3 Bath 2 Decks 10th Floor

Award-winning 2 bed 3 bath Shoal Point waterfront with sweeping 10th floor north and south views on 2 private decks, inner & outer harbour, Fisherman's Wharf, Sooke Hills, and Olympic Range.

Entering the foyer you are captivated by extraordinary water views that are captured throughout the whole home!

Large living room and seating area with sculptured gas fireplace, windows everywhere, and large deck!

2 sided gas fireplace between kitchen & dining areas, side access to terrace view area, cook's kitchen and nook, tons of cabinetry & gas cooking.

The principal bedroom with fireplace, seating, and desk space, with closet & 5 piece en-suite. Concierge, pool, tub,

Bank of Canada Interest Rate Announcement - September 8, 2021

The Bank of Canada maintained its overnight rate at 0.25 percent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 percent until slack in the economy is absorbed and inflation sustainably returns to its 2 percent target. The  Bank projects that will not occur until the second half of 2022. The Bank is also continuing its quantitative easing (QE) program, purchasing $2 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank noted that the the supply-chain disruptions and the pull-back in housing market activity that

Stunning Ocean View Custom Built Home

Stunning oceanview custom 2006 home located in Greater Victoria's best areas of natural beauty-the Esquimalt Lagoon & Coburg Peninsula beach area.

3 beds, Den/office, 3 baths 3000+ sqft with 9' ceilings throughout.

Amazing quality features includes: Mahogany hw flooring, crown moldings, thermal windows, sound system, large tinted pic windows to take advantage of ocean & mountain views.

Gorgeous living room with FP & dining rm with spacious deck overlooking the water & large covered deck off the kitchen at the back with gas bib for the BBQ.

Master on main with FP, walk-in dressing rm & ensuite with jetted tub.

Downstairs you will find another 2 large bedrooms, a home theatre room & a huge

Willow Point 3 Bed, 2.5 Bath Townhome close to the Beach! Close to Beach!

3 Bed 3 bath Adult-oriented townhome located in desirable Willow Point, a short stroll to the beach and all amenities in sought after Glen Abby estates!

Meticulously landscaped grounds leading up to your inviting main level entry home complete with a garage and concrete storage area.

Spacious entry houses a half bath and laundry with access to the utility room and walk-in pantry storage.

Bright bayed kitchen and breakfast area feature white cabinetry and quartz counters, niche for coffee bar or work area from home.

Large dining and living rooms with gas fireplace open to Private deck overlooking the parklike greenbelt for hours of watching Eagle, deer, and

BC Monthly Real GDP Estimate for June 2021 & Preliminary Estimate for July 2021 (Updated: August 31, 2021)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2021 is 8.9 percent. For comparison, year-over-year growth in the Canadian economy in June was 8 percent. We have also included a preliminary estimate for July 2021 of 7.1 percent. Growth in BC remains very strong compared to this time last year but continues to decelerate as base-year effects fade and uncertainty due to the ongoing COVID-19 pandemic constrains some economic activity. The average annual growth for the first half of 2021 is estimated to be 7 percent.  

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Canadian Real GDP Growth, Q2'2021 - August 31, 2021

The Canadian economy contracted in the second quarter with output falling 1.1 percent on an annualized basis. That decline follows three prior quarters of very strong growth. Most of the decline in real GDP was driven by slowing home sales and lower exports. After rising to record levels, home sales activity across the country has moderated. However, the downshift from record activity to lower, but still strong sales were significant enough to negatively impact economic growth.  That shift in the housing market was compounded by lower exports, which fell 4 percent largely due to supply chain disruptions, as well as flat household spending due to COVID-19 restrictions put in place in the